Rome, 24 Jun 2022 20:17
The Board of Directors of Poste Italiane S.p.A. ("Poste Italiane"), chaired by Maria Bianca Farina, which met today, approved the launch, in concert with certain shareholders of Sourcesense S.p.A. ("Sourcesense"), a company listed on Euronext Growth Milan ("EGM") - the multilateral trading system organized and managed by Borsa Italiana S.p.A - of a voluntary cash tender offer (the "Transaction") for all Sourcesense’s ordinary shares and warrants – denominated "warrant Sourcesense 2021-2024" – pursuant to article 102, paragraph 1, of Legislative Decree no. 58 (TUF) and Article 37 of Consob Regulation 11971 of May 14, 1999, as subsequently amended ("Art. 102 Communication”).
Sourcesense, a company listed since August 2020, is an innovative SME operating in the IT sector in Italy and in the United Kingdom with a consolidated expertise in the development of cloud-native solutions based on open source technology. In 2021 Sourcesense generated revenues of € 22.6 million (+31% compared to 2020) and an EBITDA of € 3.0 million (+44% compared to 2020) with a margin of 13%.
The Transaction envisages a price offered for each share equal to € 4.20 (corresponding to a premium of 24.0% on the weighted average of the official daily prices of Borsa Italiana over the last month) and a price offered for each warrant equal to € 0.78 (corresponding to a premium of 75.4% on the weighted average of the official daily prices of Borsa Italiana over the last month). The price offered for each warrant corresponds to the intrinsic value of the warrant computed on the basis of the price offered for each share.
Following the completion of the Transaction, aimed at the delisting of the shares and warrants, Poste Italiane is expected to hold a controlling interest in Sourcesense of 70%, while the current controlling shareholders of Sourcesense (acting in concert with Poste Italiane on the offer) will retain a minority interest of 30%.
The Transaction will allow Poste Italiane, in line with “2024 Sustain & Innovate” business plan targets, to strengthen its internal development capabilities of applications based on cloud and open source technologies, thus significantly increasing the level of internalization of activities and evolving towards a “product factory” model, limiting the use of external personnel to specialized technology support and non-core activities.
Thanks to its proven track record of leveraging market trends, Poste Italiane has become Italy's largest user of cloud services and promoter of the digitization of the country, capable of physically and digitally connecting customers, citizens, businesses, and the Public Administration. Poste Italiane will benefit from Sourcesense's contribution in the development of next-generation cloud- native solutions to support business innovation in the Public Administration sector, and in particular in the healthcare space, also leveraging on the initiatives envisaged in the National Recovery and Resilience Plan.
The completion of the Transaction is expected by the end of 2022 and is subject to certain conditions, as detailed in the Art. 102 Communication.
For more details on the Transaction, please refer to the Art. 102 Communication published today and available on Poste Italiane’s and Sourcesense’s corporate websites at the following links: www.posteitaliane.it and www.sourcesense.com.
Sourcesense, a company listed since August 2020, is an innovative SME operating in the IT sector in Italy and in the United Kingdom with a consolidated expertise in the development of cloud-native solutions based on open source technology. In 2021 Sourcesense generated revenues of € 22.6 million (+31% compared to 2020) and an EBITDA of € 3.0 million (+44% compared to 2020) with a margin of 13%.
The Transaction envisages a price offered for each share equal to € 4.20 (corresponding to a premium of 24.0% on the weighted average of the official daily prices of Borsa Italiana over the last month) and a price offered for each warrant equal to € 0.78 (corresponding to a premium of 75.4% on the weighted average of the official daily prices of Borsa Italiana over the last month). The price offered for each warrant corresponds to the intrinsic value of the warrant computed on the basis of the price offered for each share.
Following the completion of the Transaction, aimed at the delisting of the shares and warrants, Poste Italiane is expected to hold a controlling interest in Sourcesense of 70%, while the current controlling shareholders of Sourcesense (acting in concert with Poste Italiane on the offer) will retain a minority interest of 30%.
The Transaction will allow Poste Italiane, in line with “2024 Sustain & Innovate” business plan targets, to strengthen its internal development capabilities of applications based on cloud and open source technologies, thus significantly increasing the level of internalization of activities and evolving towards a “product factory” model, limiting the use of external personnel to specialized technology support and non-core activities.
Thanks to its proven track record of leveraging market trends, Poste Italiane has become Italy's largest user of cloud services and promoter of the digitization of the country, capable of physically and digitally connecting customers, citizens, businesses, and the Public Administration. Poste Italiane will benefit from Sourcesense's contribution in the development of next-generation cloud- native solutions to support business innovation in the Public Administration sector, and in particular in the healthcare space, also leveraging on the initiatives envisaged in the National Recovery and Resilience Plan.
The completion of the Transaction is expected by the end of 2022 and is subject to certain conditions, as detailed in the Art. 102 Communication.
For more details on the Transaction, please refer to the Art. 102 Communication published today and available on Poste Italiane’s and Sourcesense’s corporate websites at the following links: www.posteitaliane.it and www.sourcesense.com.
To see the press release in full version download pdf
For further information:
Poste Italiane S.p.A Investor Relations Tel. +39 0659584716
Mail: investor.relations@posteitaliane.it
Poste Italiane S.p.A. Media Relations Tel. +39 0659582097
Mail: ufficiostampa@posteitaliane.it www.posteitaliane.it
www.posteitaliane.it
For further information:
Poste Italiane S.p.A Investor Relations Tel. +39 0659584716
Mail: investor.relations@posteitaliane.it
Poste Italiane S.p.A. Media Relations Tel. +39 0659582097
Mail: ufficiostampa@posteitaliane.it www.posteitaliane.it
www.posteitaliane.it
